Inhibitex, Inc. (Nasdaq: INHX), announced today that it has completed
enrollment in a Phase II clinical trial of FV-100 in shingles (herpes
zoster) patients. The objectives of the trial are to further evaluate
the safety of FV-100 and its potential therapeutic benefit in reducing
the severity and duration of shingles-associated pain, the incidence of
post herpetic neuralgia (PHN), and the time to heal shingles-related
lesions.

The Phase II trial is a well-controlled, double-blind study of 350
shingles patients, aged 50 years and older with shingles-associated
pain, who were randomized equally to one of three treatment arms: 200 mg
or 400 mg FV-100 administered orally once daily, or 1,000 mg
valacyclovir administered orally three times per day. The Company
anticipates top-line data from the trial will be available later this
quarter.

About Shingles and FV-100

Shingles is an infection caused by the reactivation of varicella zoster
virus (VZV), the same virus that causes chicken pox. Worldwide, it is
estimated that more than 2.5 million new cases of shingles occur each
year, and that one in four adults will suffer from shingles during their
lifetime. While shingles can develop in adolescents or adults of any
age, it occurs predominantly in individuals 40 years of age and older.
Shingles is generally characterized by skin lesions or rash, acute
infection-related pain, and in many cases, PHN, which is a painful and
often debilitating chronic complication that impacts approximately one
out of every five shingles patients. PHN can last for months or possibly
years, and has been shown to have a measurable and significant impact on
patients’ quality of life and functional status.

Published in vitro studies have demonstrated that FV-100, an
orally available bicyclic nucleoside analogue, is significantly more
potent against VZV, and can inhibit its replication substantially faster
than any other antiviral agent currently approved for the treatment of
shingles. The Company believes these characteristics, plus a favorable
pharmacokinetic profile, support the potential of FV-100 as a highly
potent, once-daily oral therapy to reduce the incidence, severity and
duration of shingles-related symptoms, including acute pain and PHN.

About Inhibitex

Inhibitex, Inc. is a biopharmaceutical company focused on developing
products to prevent and treat serious infectious diseases. In addition
to FV-100, the Company’s clinical stage pipeline includes INX-189, a
nucleotide polymerase inhibitor in Phase I development for the treatment
of chronic infections caused by hepatitis C virus (HCV). The Company
also has additional HCV nucleotide polymerase inhibitors in various
stages of preclinical development, and has licensed the use of its
proprietary MSCRAMM® protein platform to Pfizer for the
development of active staphylococcal vaccines. For additional
information about the Company, please visit www.inhibitex.com.

Safe Harbor Statement

This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that
involve substantial risks and uncertainties. All statements, other than
historical facts included in this press release, including statements
regarding: the anticipated time when top-line data will be available
from the Company’s ongoing Phase II clinical trial of FV-100 and the
potential for FV-100 to be a highly potent, once-daily oral therapy and
reduce the incidence and severity of shingles-related symptoms,
including acute pain and PHN, are forward looking statements. These
intentions, expectations, or results may not be achieved in the future
and various important factors could cause actual results or events to
differ materially from the forward-looking statements that the Company
makes, including the risk that the Company’s contract research
organizations cannot provide top line data from the Phase II trial to
the Company in a timely manner; FV-100 not demonstrating sufficient
benefit in reducing the incidence and severity of shingles-related
symptoms, including acute pain and PHN, to be clinically relevant or
commercially viable; and other cautionary statements contained elsewhere
herein and in its Annual Report on Form 10-K for the year ended December
31, 2009, as filed with the Securities and Exchange Commission, or SEC,
on March 26, 2010, and its Quarterly Report on Form 10-Q for the quarter
ended June 30, 2010, as filed with the SEC on August 12, 2010. Given
these uncertainties, you should not place undue reliance on these
forward-looking statements, which apply only as of the date of this
press release.

There may be events in the future that the Company is unable to predict
accurately, or over which it has no control. The Company's business,
financial condition, results of operations and prospects may change. The
Company may not update these forward-looking statements, even though its
situation may change in the future, unless it has obligations under the
Federal securities laws to update and disclose material developments
related to previously disclosed information. The Company qualifies all
of the information contained in this press release, and particularly its
forward-looking statements, by these cautionary statements.